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It's like The Howard Hughes Corporation for Northwest Florida, developing entire communities and commercial hubs from its vast land ownership.

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• Residential Land Sales: Selling developed homesites and parcels of entitled or undeveloped land for residential community development.
• Hospitality Operations: Providing services through hotels, private clubs, golf courses, beach clubs, vacation rentals, marinas, and food & beverage outlets.
• Commercial Property Leasing: Leasing various commercial, multi-family, and senior living properties.
• Commercial Land Sales: Selling entitled commercial land holdings for diverse uses such as retail, office, and industrial.
• Forest Products Sales: Selling pulpwood, sawtimber, and other forest products from its land holdings.

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The St. Joe Company (symbol: JOE) serves a diverse customer base, encompassing both businesses and individuals across its three segments. However, a significant portion of its operations, particularly within its Hospitality and direct residential sales, caters directly to individual consumers. Given the detailed description of direct operations serving individuals, and the common practice in real estate development where specific B2B customer names are not typically disclosed in general company overviews, the company's major customers can be categorized as individuals.

The St. Joe Company primarily serves the following categories of individual customers:

1. Leisure and Hospitality Guests: This category includes individuals who utilize St. Joe's extensive hospitality assets. This encompasses hotel guests, vacation renters, patrons of their food and beverage establishments, individuals using their golf courses, beach clubs, marinas, and other entertainment and retail outlets.
2. Residential Purchasers and Tenants: This category includes individuals who directly purchase developed homesites or parcels of land for personal use from St. Joe. It also includes residents of the multi-family and senior living communities that St. Joe owns and operates or leases to individual tenants.
3. Private Club Members: A distinct group of individuals who are members of St. Joe's private membership club, which offers exclusive access to various amenities and services.

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Jorge Gonzalez, President and Chief Executive Officer

Jorge Gonzalez joined The St. Joe Company in 2002 and has served as President and Chief Executive Officer since November 2015. He has over 26 years of continuous experience in various planning and real estate-related roles. Mr. Gonzalez holds undergraduate and graduate degrees from The Florida State University. He serves or has served on various community boards and organizations, including as Chairman of the Bay County Economic Development Alliance, the Gulf Coast Regional Medical Center Board of Directors, the Panama City Beach Chamber of Commerce Board of Directors, the Florida Chamber of Commerce Board of Directors, Enterprise Florida, The Florida State University's Board of Trustees, and the Board of Trustees of The St. Joe Community Foundation. Florida Trend has recognized him as one of Florida's Most Influential Business Leaders. He was responsible for developing the complex, 110,000-acre Bay-Walton sector plan.

Marek Bakun, Executive Vice President and Chief Financial Officer

Marek Bakun is the Executive Vice President and Chief Financial Officer of The St. Joe Company. He brings over 20 years of financial experience, including serving as Chief Financial Officer for national and international homebuilding companies. His expertise encompasses financial reporting and compliance, cost and capital management, consolidations and acquisitions, value generation, and operational efficiency. Mr. Bakun earned a Bachelor of Science degree in Business Administration and Accounting from the University of Central Florida and is a Certified Public Accountant and a licensed general contractor and real estate broker. Prior to joining St. Joe in 2013, he served as Chief Financial Officer and Treasurer for Orleans Homebuilders, Inc., and as CFO and Treasurer for Mattamy Homes Corporation. He also held the position of Vice President and Chief Financial Officer for Morrison Homes, which merged with Taylor Woodrow in 2007.

Elizabeth J. Walters, Senior Vice President, General Counsel and Secretary

Elizabeth J. Walters serves as Senior Vice President, General Counsel and Secretary of The St. Joe Company. Her previous roles include serving as Chair of The Florida Board of Bar Examiners, the Bay Economic Development Alliance, the Bay County Chamber of Commerce, and the Panama City Port Authority. Ms. Walters holds a BA and an MA from The University of West Florida and a JD with honors from The Florida State University College of Law.

Rhea Goff, Senior Vice President, Chief Administrative Officer

Rhea Goff is the Senior Vice President and Chief Administrative Officer for The St. Joe Company. She joined the company in 2003 as a Human Resources Assistant and has progressively taken on broader responsibilities, now overseeing all human resources operations, Marketing, Information Technology, and various corporate administration, policies, and compliance matters. Ms. Goff earned her bachelor's degree from Florida State University in 2001. She is a trustee for the St. Joe Community Foundation and serves on the boards of Florida's Great Northwest, Florida's Great Northwest Foundation, Northwest Florida State College, the Florida Commission on Community Service, and the Walton County School District Business Advisory Board.

Patrick Murphy, Senior Vice President of Hospitality

Patrick Murphy holds the position of Senior Vice President of Hospitality for The St. Joe Company, where he oversees the management, operations, and property development activities for the St. Joe Hospitality division. He started his career with The St. Joe Company in 2006 as the General Manager of WaterColor Inn & Resort and has been in his current role since 2012, overseeing the expansion of the company's hospitality properties. Before joining St. Joe, Mr. Murphy held management positions at Nemacolin Woodlands Resort and the Sea Island Company. He earned his bachelor's degree from Armstrong Atlantic State University.

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Key Risks to The St. Joe Company (JOE)

1. Concentration of Assets in Northwest Florida: The company's entire real estate portfolio and operations are located in Northwest Florida, making it highly susceptible to regional economic downturns, adverse local market conditions, and natural disasters common to the area, such as hurricanes. This geographic concentration limits diversification and amplifies exposure to specific regional challenges.
2. Adverse Economic Conditions, Elevated Interest Rates, and Inflation: As a real estate-centric business, St. Joe is significantly impacted by macroeconomic factors. Uncertain economic conditions, including inflation, high interest rates, and fluctuating consumer confidence, can negatively affect real estate demand, property values, development costs, and consumer spending in its residential, hospitality, and commercial segments.
3. Risks Associated with Strategic Partnerships and Joint Ventures: St. Joe often engages in strategic partnerships and joint ventures to optimize development and asset management opportunities. Potential disputes with partners, disagreements over project direction, or underperformance of joint venture projects could lead to increased expenses, litigation, and divert management's attention, adversely affecting the company's financial condition and results of operations.

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Accelerating climate change leading to increased frequency and intensity of severe weather events (e.g., hurricanes, tropical storms) and rising sea levels in Northwest Florida. This poses a clear emerging threat to The St. Joe Company's extensive land holdings, real estate developments (residential and commercial), and hospitality assets (especially gulf-front vacation rentals and coastal clubs) in the region. Such events could cause significant physical damage, increase insurance costs, deter future tourism and residential migration, and fundamentally impact the long-term desirability and value of their core assets.

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The St. Joe Company (JOE) operates in Northwest Florida across three main segments: Residential, Hospitality, and Commercial. The addressable markets for these segments are substantial within Florida and the broader U.S. Southeast region.

Residential Segment

The residential real estate market in Northwest Florida is experiencing high demand due to significant population and tourism growth. The median home value in Northwest Florida is approximately $200,000, with beachfront properties often exceeding $1 million. Across Florida, the median closed price for homes was $408,805 in Q3 2025, although price trends vary by metropolitan area. In February 2026, Florida's home prices increased by 0.4% year-over-year, with 205,309 homes available for sale.

Hospitality Segment

Northwest Florida has emerged as a key center for tourism and hospitality. The U.S. hospitality market is projected to reach $247.81 billion in 2026 and is expected to grow to $305.53 billion by 2031, demonstrating a compound annual growth rate (CAGR) of 4.28%. Florida's tourism industry is robust, with average daily rates (ADR) increasing by 3% and Revenue per Available Room (RevPAR) also rising by 3% in Q2 2025 compared to the previous year. The Florida Panhandle hospitality market has over 1,000 rooms under construction, anticipated to open in 2024.

Commercial Segment

The Commercial segment encompasses leasing, multi-family, senior living, and timber/forest products.

• Commercial Property (Retail, Office, Industrial): Commercial real estate in Northwest Florida is in high demand, supported by a diverse economy that includes tourism, healthcare, and military sectors. The global commercial real estate market is projected to grow by $427.3 billion, with a CAGR of 4.6% from 2024 to 2029.
• Multi-family: Demand for quality rental housing in Northwest Florida is notably strong. The Florida Panhandle multifamily market is forecasted to have an average effective rent of $1,555 and an average occupancy of 91.4% in Q4 2025. Net absorption in the Panhandle region reached nearly 3,000 units in 2024. Nationally, multifamily housing starts are expected to decline by 11% in 2025 to 317,000 units, then increase by 6% in 2026 to 336,000 units.
• Senior Living: There is significant demand for rental housing catering to individuals aged 55 and older in Northwest Florida. The U.S. senior living market was valued at $943.90 billion in 2025 and is projected to reach $1.33 trillion by 2033, growing at a CAGR of 4.47% from 2026 to 2033. The Southeast U.S. accounted for the largest share of this market, at 28.35% in 2025. National senior housing occupancy reached 88.7% in the third quarter of 2025.
• Timber and Forest Products: Florida's timberland covered 14.83 million acres in 2023, contributing $631 million in direct economic sales revenues in 2022. The U.S. timber market was valued at $4.10 billion in 2024 and is projected to grow to $8.22 billion by 2033, with a CAGR of 8.04%. The Sawmills & Wood Production industry in Florida is expected to grow over the coming years, with revenue projections for 2025 and 2030 (specific figures are proprietary).

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The St. Joe Company (NYSE: JOE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its Residential, Hospitality, and Commercial segments in Northwest Florida.

Here are 3-5 expected drivers of future revenue growth:

1. Continued Residential Real Estate Development and Homesite Sales: St. Joe plans to sustain cash flow from lot sales by continuing homesite releases within its master-planned communities, such as Watersound Origins, Breakfast Point, and WindMark Beach. The company also has a significant pipeline of over 24,000 entitled residential units in various stages of development, with plans to break ground on additional Detailed Specific Area Plans (DSAPs) in 2026 to meet homebuilder demand. Growth is also expected from joint ventures like Latitude Margaritaville Watersound, which continues to expand and contribute to home sales.
2. Expansion of Hospitality Assets and Watersound Club Membership: The Hospitality segment is a significant driver of recurring revenue. St. Joe has been actively opening new hotels and growing its private Watersound Club membership program. The company expects to see continued revenue growth from incremental hotel key additions and vacation rental inventory, with renovations scheduled through 2026. Management anticipates capturing peak and shoulder-season demand through these expansions.
3. Growth in Commercial Leasing and New Commercial/Multi-Family Development: St. Joe aims to expand its commercial leasing portfolio by developing and leasing commercial properties, including grocery-anchored town centers, medical offices, and industrial/logistics spaces, particularly near VentureCrossings by ECP. The company is also focused on increasing multi-tenant occupancy within 12-24 months of delivery and plans new commercial buildings and apartment complexes, including a new apartment complex near the FSU Health Campus.
4. Strategic Land Monetization and Focus on Recurring Revenue Streams: The company's long-term strategy involves converting its extensive land bank into higher-margin residential, hospitality, and commercial projects. St. Joe is actively prioritizing assets that generate recurring, stable income, with recurring revenue (leasing and hospitality) constituting a significant portion of its total revenue. The company will continue to evaluate non-strategic timberlands for monetization and reinvestment.

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Share Repurchases

• The St. Joe Company repurchased $40.0 million of its common stock in 2025, accelerating stock repurchases with 798,622 shares bought back.
• In the fourth quarter of 2025, the company made $15.1 million in stock repurchases, marking the highest quarterly amount for the year.
• Since 2015, the company has utilized $653.6 million to repurchase 34.9 million shares, equating to 37.8% of the original shares, reducing the outstanding share balance below 58 million.

Share Issuance

• In March 2026, the President, CEO, and Chairman, Jorge Luis Gonzalez, was granted 11,126 shares of restricted stock under The St. Joe Company 2025 Performance and Equity Incentive Plan, which will vest in three equal annual installments.

Inbound Investments

• The St. Joe Company announced a new builder relationship with PulteGroup in early 2026, signing a contract for up to 2,653 homesites across two planned gated communities, enhancing its residential development pipeline.

Capital Expenditures

• In 2025, the company funded $108.1 million in capital expenditures, with a primary focus on growth initiatives.
• Capital expenditures constituted 47% of the company's overall capital allocation strategy in 2025.
• Planned capital expenditure for 2026 includes breaking ground on two new Specific Area Plans (DSAPs), along with new commercial buildings totaling approximately 54,000 square feet, an apartment complex, and new ground leases.